topic Re: How is payment applied with 2 diff BT offers for the same acct? in Credit Cards

How is payment applied with 2 diff BT offers for the same acct?

Anonymous — Mon, 12 Dec 2016 17:01:49 GMT

So I currently have a BT offer on my Capitol One card since Aug of this year. I am paying $100 a paycheck to have this paid off in 18 months. I do not use the card for other purcahses.

Cap 1 sent me another set of checks for 0% for 18 months. If I use those as well, and pay $200 a paycheck how is the money applied? Does $200 go to the first BT and nothing to the second(new) one? How can I make payments to each IE: $100 on the first one and $100 on the second one? Any issues I need to know about?

Thanks!

Re: How is payment applied with 2 diff BT offers for the same acct?

SouthJamaica — Mon, 12 Dec 2016 17:06:00 GMT

@Anonymous wrote:
So I currently have a BT offer on my Capitol One card since Aug of this year. I am paying $100 a paycheck to have this paid off in 18 months. I do not use the card for other purcahses.

Cap 1 sent me another set of checks for 0% for 18 months. If I use those as well, and pay $200 a paycheck how is the money applied? Does $200 go to the first BT and nothing to the second(new) one? How can I make payments to each IE: $100 on the first one and $100 on the second one? Any issues I need to know about?

Thanks!

I don't trust banks, so I always work on the assumption that the payments would be applied in the manner most advantageous to the bank and least advantageous to me.

Re: How is payment applied with 2 diff BT offers for the same acct?

Anonymous — Mon, 12 Dec 2016 22:22:38 GMT

Anybody else have any info on this?

Re: How is payment applied with 2 diff BT offers for the same acct?

Anonymous — Mon, 12 Dec 2016 23:06:28 GMT

You might have to contact Cap One to find out how your payments would be allocated. Typically, anything beyond a minimum payment would be put towards highest interest charges first, but not too certain how the overlap of BTs would work when they'd both be 0% for a while.

Re: How is payment applied with 2 diff BT offers for the same acct?

UncleB — Mon, 12 Dec 2016 23:15:38 GMT

@Anonymous wrote:
You might have to contact Cap One to find out how your payments would be allocated. Typically, anything beyond a minimum payment would be put towards highest interest charges first, but not too certain how the overlap of BTs would work when they'd both be 0% for a while.

I know with Synchrony if you have two promotions at the same time any amount over your minimum payment goes to the promotion expiring the earliest (which is is your favor), but I've personally never had this situation with Capital One.

I suspect they will 'do the right thing' but it would still be nice to hear (or better yet, read) it officially.

Re: How is payment applied with 2 diff BT offers for the same acct?

Aahz — Wed, 14 Dec 2016 02:46:45 GMT

@UncleB wrote:
@Anonymous wrote:
You might have to contact Cap One to find out how your payments would be allocated. Typically, anything beyond a minimum payment would be put towards highest interest charges first, but not too certain how the overlap of BTs would work when they'd both be 0% for a while.
+1

I know with Synchrony if you have two promotions at the same time any amount over your minimum payment goes to the promotion expiring the earliest (which is is your favor), but I've personally never had this situation with Capital One.

I suspect they will 'do the right thing' but it would still be nice to hear (or better yet, read) it officially.

Both Barclay's and BofA process payments with multiple 0% BTs the same way - 100% applied to earliest expiring offer. As does Blispay with multiple 0% promo balances. I assume CapOne would be the same.

Please come back and let us know once you've got a definitive answer from CapOne!